D-Wave Quantum (NYSE: QBTS), a leader in quantum computing systems, software and services, is reporting on its financial results for fiscal second quarter ended June 30, 2023. Highlights of the report include $1.7 million in revenue, total bookings of $2.5 million, and a cash balance of more than $50 million. In addition, the company signed several new and expanded existing customer engagements with Forbes Global 2000 companies during the quarter, while also working with customers on a variety of new quantum and quantum-hybrid applications including media and advertising optimization, industrial construction, financial market performance predictions, transportation logistics and more. The company saw its fifth consecutive quarter of year-over-year growth in bookings as well as an increase in average deal size per booking.
“Our second quarter results reflect, we believe, growing enterprise commitment to and investment in practical quantum computing solutions that can address their complex operational challenges today,” said D-Wave CEO Dr. Alan Baratz in the press release. “Our triple-digit increases in bookings and average deal size on a year-over-year basis are evidence, in our opinion, of forward-looking organizations prioritizing quantum as part of their modern tech infrastructure. Companies and governments alike appear to be recognizing the value of today’s market-ready annealing quantum computing systems to drive business and national competitiveness. We’re helping harness the power of this transformative technology through industry-leading quantum hardware and software solutions and a consultative professional services approach that fuels application development and, increasingly, is preparing these applications for in-production scenarios that support customers’ daily operations.”
To view the full press release, visit https://ibn.fm/Oc7TV
About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum computing systems, software and services, and is the world’s first commercial supplier of quantum computers — and the only company building both annealing quantum computers and gate-model quantum computers. The company’s mission is to unlock the power of quantum computing today to benefit business and society. D-Wave does this by delivering customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection and financial modeling. D-Wave’s technology is being used by some of the world’s most advanced organizations, including Volkswagen, Mastercard, Deloitte, Davidson Technologies, ArcelorMittal, Siemens Healthineers, Unisys, NEC Corporation, Pattison Food Group Ltd., DENSO, Lockheed Martin, Forschungszentrum Jülich, University of Southern California and Los Alamos National Laboratory. For more information about the company, please visit www.DWaveSys.com.
NOTE TO INVESTORS: The latest news and updates relating to QBTS are available in the company’s newsroom at https://ibn.fm/QBTS
MissionIRNewsBreaks provide a rapid summary of corporate news that catch the attention of MissionIR. MissionIRNewsBreaks are created by our Team of professional journalists that keep a constant eye on the markets, these posts are designed to inform you on the latest happenings of our clients and other publicly traded companies on our radar. From earnings, acquisitions and agreements to conference attendance and clinical study results, our news breaks keep you up-to-date with the day’s top movers. MissionIR is primarily focused on strategic communications. We have executed countless communications programs to address the needs of companies ranging from start-ups to established industry leaders, gaining valuable experience and the expertise necessary to determine the most effective strategy for any given situation.